SBI Cards

SBI Cards and Payment Services Private Limited (SBI Card)
Non-banking financial company
Industry Financial services
Founded 1998
Headquarters Gurgaon, India
Area served
 India
Key people
 Hardayal Prasad, CEO
Products Credit cards
Services Credit Cards, Payments
Number of employees
 3600
Parent State Bank of India and The Carlyle Group
Website www.sbicard.com

SBI Cards & Payments Services Pvt. Ltd. (SBICPSL) is a payment solutions provider in India. It is incorporated as a joint venture between the State Bank of India, India's largest bank, and The Carlyle Group.[1] They are headquartered in Gurgaon, Haryana/Delhi NCR and have branches in over 50 cities across India.[2] For the financial year ending March 31, 2016, SBI Card recorded a net profit of ₹271 crore and a profit before tax of about ₹438 crore.[3] As of November 2017, the company has a customer base of 5 million credit cards.

Shareholding

In 1998, GE Capital partnered with State Bank of India to float two joint venture companies, including SBI Cards for developing the credit card business in India.

SBI Cards & Payment Services is the front end of the business, focusing on marketing and distribution of credit cards. GE Capital Business Process Management Services takes care of the technology and processing as a captive BPO unit. GE Capital owns 40 per cent in the former and 60 per cent in the latter.

SBI owns 60 per cent in SBI Cards and Payment Services and 40 per cent in the captive BPO unit.

As on July 2016, State Bank of India was looking for a replacement for GE Capital in the credit card joint venture in accordance with General Electric's global plan to exit the finance business.[3]

On December 15 2017, the Carlyle Group was announced as the new partner, replacing GE Capital in this joint venture.

SBI credit cards

SBI Card caters to both the individual and corporate segments. It offers a number of cards under each of the following categories:

  • Elite Card
  • Prime Card
  • Air India Signature Card
  • Visa Corporate Card
  • Simply Save Card
  • BPCL Card
  • Yatra Card
  • IRCTC Card
  • Central Card
  • FBB Card
  • Simply Click Card
  • TATA Card

The SBI Card logo bears the symbol of the State Bank of India. The large blue circle reflects unity and completeness while the white one represents the common man as a vital part of the bank, despite the huge size of the bank. The logo also suggests a keyhole which is said to be the symbol of safety, security and strength. Another interpretation is that the white circle is the bank's branch and the vertical line stands for the streets and lanes of any city which lead to the bank's branch, highlighting that wherever one goes, SBI is there to serve. It is also said the inspiration for this design came from the Ahmedabad city's Kankaria Lake. [4]

Milestones of SBI Card

  • 1998: SBI Card enters the credit card space[5]
  • 1999: Reaches the ‘1 Lakh’ mark within 10 months of launch[6]
  • 2002: SBI Card enters the ’1 Million Cards’ club
  • 2002: First partnership with a public sector bank[7]
  • 2003: SBI Card launches 8 Cities Affinity Cards with special tie-ups and offers[8]
  • 2005: The 2 Million Cards Milestone crossed[9][10]
  • 2006: SBI Card launches SBI Railway Card for Indian Railway travellers[11]
  • 2006: The launch of co-brand cards, SBI Spicejet Card and TATA Cards, India’s first loyalty cum credit card[12][13]
  • 2006: SBI Card becomes the second largest credit card issuer, with 3 million cards[14]
  • 2010: SBI Platinum Card launched[15][16]
  • 2011: Launches chip-based EMV Cards[17]
  • 2012: Launches SBI Signature Card for HNIs[18]
  • 2013: SBI Card launches the Air India SBI Signature Card and the Air India SBI Platinum Card[19]

How to check SBI credit card application status

The status of a SBI credit card application can be checked online using the "track your application" facility provided at sbicard.com. The 13 digit application number received while applying for the card needs to be used to get the status of the application.

Application status can also be checked by utilizing the toll free customer care number provided in the "Contact Us" section of the SBI Card website.

Awards

  • Reader’s Digest 'Most Trusted Brand Gold Award' (2008, 2009, 2010, 2012, 2013)[20][21]
  • Rated #2 in CNBC Consumer Awards 2 years in a row (2007–2009)[22]
  • Winner of Best Mature Captive Delivery Unit in Asia (2009)[23]
  • Reader’s Digest ‘Most Trusted Brand Gold Award' (2008)[24][25]
  • Rated #2 in Business World Survey on Customer Satisfaction (2007)[26]

See also

References

  1. ↑ "Company Overview of SBI Cards & Payment Services Private Limited" Bloomberg Businessweek. Retrieved 10 January 2013.
  2. ↑ "SBI Cards Growth" India Times. Retrieved 8 January 2013.
  3. 1 2 http://www.thehindubusinessline.com/money-and-banking/sbi-card-still-looking-for-a-partner-to-replace-ge-caps/article8816339.ece
  4. ↑ https://www.scoopwhoop.com/meaning-of-sbi-logo/#.5uyfz39u6
  5. ↑ "SBI Card enters Credit Cards" Express India. Retrieved 9 January 2013.
  6. ↑ "SBI Cards base crosses 5 lakh-mark in 2 years" Express India. Retrieved 11 January 2013.
  7. ↑ "First Partnership with a public sector bank" India Times. Retrieved 26 December 2012.
  8. ↑ "SBI launches Hyderabad card" The Hindu Business Line. Retrieved 11 January 2013.
  9. ↑ "SBI Card Now 2 million strong and growing" Indiantelevision. Retrieved 12 November 2012.
  10. ↑ "SBI Card crosses 2 million mark" Corporate News. Retrieved 1 October 2012.
  11. ↑ "Railways Join Hands With SBI to Launch Co-Branded Credit Card" Financial Express. Retrieved 25 October 2012.
  12. ↑ "SpiceJet, SBI Cards launch co-branded credit card" The Hindu. Retrieved 11 October 2012.
  13. ↑ "Tata group, SBI launch card with loyalty theme" The Hindu Business Line. Retrieved 15 November 2012.
  14. ↑ "SBI Cards is No.2 credit card co" Rediff India Abroad. Retrieved 16 September 2012.
  15. ↑ "SBI Cards launches platinum card" The Hindu. Retrieved 16 September 2012.
  16. ↑ "SBI launches Platinum Card" The Hindu. Retrieved 1 October 2012.
  17. ↑ "EMV Cards" Economic Times. Retrieved 3 January 2012.
  18. ↑ "HNI Cards" Archived 29 June 2012 at the Wayback Machine. The Hindu Business Line. Retrieved 9 January 2013.
  19. ↑ "Air India, SBI Cards launch co-branded credit card" Archived 23 November 2013 at the Wayback Machine. The Hindu Business Line. Retrieved 17 September 2013.
  20. ↑ "SBI Card Voted India's Most Trusted Brand in Reader's Digest Asia Trusted Brands 2009 Survey" Business Standard. Retrieved 21 November 2013.
  21. ↑ "SBI Card voted most trusted credit card brand in Reader's Digest Trusted Brands Survey 2010" Business Standard. Retrieved 21 November 2013.
  22. ↑ "SBI Card Voted India's Most Trusted Brand in Reader's Digest Asia Trusted Brands 2009 Survey" Business Standard. Retrieved 7 January 2013.
  23. ↑ "GE Capital, SBI joint venture wins award" The Hindu. Retrieved 10 January 2013.
  24. ↑ "SBI Card Voted India's Most Trusted Brand in Reader's Digest Asia Trusted Brands 2009 Survey" Business Standard. Retrieved 10 January 2013.
  25. ↑ "SBI Card voted as India's most trusted brand" CNBC MoneyControl. Retrieved 11 January 2013.
  26. ↑ "SBI Card Voted India's Most Trusted Brand in Reader's Digest Asia Trusted Brands 2009 Survey" Business Standard. Retrieved 11 January 2013.
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